You will probably see better results by using the vendor's batch loading application. However, you are doing a commit after every insert, which is expensive. That is probably the main location of your slowness. The transactional safety comes at a price. When batch loading, things like transactions, index updates, and other database features can be more expensive than necessary.

Even if you take all of that into account, unless there is something special that you need to do with the data before loading (in which case, preprocessing to something that the batch loader can use), I would still probably use the batch loader.